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-679121000 -63276000 81121000 24378000 647600000 73203000 -551682000 -12247000 181253000 1426000 -20818000 -19391000 -12247000 12247000 0 4498000 4498000 0 1150000 19850000 21000000 928000 928000 25528000 666523000 79126000 -563928000 -20818000 186432000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 1</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">General information</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:4pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">1.1 Corporate Information</span></div></div><div style="display:inline-block;max-width:7.479%;min-width:6.479%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.261%"></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva SE (the Company) together with its subsidiaries (the Group or Valneva) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company takes a highly specialized and targeted approach, applying deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions. Valneva has a strong track record, having advanced multiple vaccines from early R&amp;D to approvals, and currently markets three proprietary travel vaccines as well as certain third-party vaccines leveraging the Group’s established commercial infrastructure.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues from Valneva’s commercial business help fuel the continued advancement of its vaccine development pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s most clinically advanced Shigella vaccine candidate, as well as vaccine candidates against other global public health threats.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, the Group’s portfolio includes three commercial vaccines: </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">IXIARO (or JESPECT in Australia and New Zealand), is an inactivated Vero cell culture-derived Japanese encephalitis vaccine;</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">DUKORAL is an oral vaccine containing four inactivated strains of the bacterium Vibrio cholerae serotype O1, and part of a toxin from one of these strains as active substances.; and</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">IXCHIQ is the world’s first licensed chikungunya vaccine available to address this unmet medical need and the third vaccine we brought from early R&amp;D to approval.<br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company is registered at Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache, 69002 Lyon (France). Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the United States and had an average of 634 employees worldwide. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva SE is a public company listed on Euronext Paris (symbol: VLA) and on the Nasdaq Global Select Market (symbol: VALN).</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div></div></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant events of the period and significant agreements</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">IXCHIQ – Updates</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the six months ended June 30, 2026, Valneva reported several updates regarding its chikungunya vaccine, IXCHIQ. The impact of all the IXCHIQ related events have been reflected on the financial statements. For more information please see Note </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5.10</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Inventories and Note </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5.19</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Provisions.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">United States Food &amp; Drug Administration (FDA) Update</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In January 2026, Valneva decided to voluntarily withdraw the BLA and IND application for IXCHIQ in the U.S. after the FDA suspended the license for the vaccine in August 2025 in connection with serious adverse events, mostly in elderly people with severe medical conditions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Pilot Vaccination Campaign in Brazil with Single-Shot Chikungunya Vaccine IXCHIQ</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In February 2026, Valneva and Instituto Butantan announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using IXCHIQ. The vaccination campaign will serve as</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> the basis for post-marketing commitments. To date, over 50,000 </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">adults, aged 18 to 59 years, have already been vaccinated as part of this campaign which evaluates the effectiveness and safety of IXCHIQ in a real-world setting.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Marketing Authorization updated in the UK for Chikungunya Vaccine, IXCHIQ</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In February 2026 the United Kingdom’s Commission on Human Medicines (CHM) renewed it’s recommendations on how the single-dose chikungunya vaccine should be used. It is approved in the United Kingdom for the </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">prevention of disease caused by the chikungunya virus in individuals 18 to 59 years old.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Lyme VALOR study - Phase 3 data-readout</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In March 2026, Valneva and Pfizer announced topline results from the Phase 3 VALOR trial. LB6V demonstrated more than 70% efficacy in preventing Lyme disease in individuals aged five years and above. The investigational vaccine candidate was well tolerated with no safety concerns identified. Fewer than anticipated Lyme disease cases were accrued over the study period, and the pre-determined statistical criterion (95% confidence interval lower bound &gt;20) was not met in the first pre-specified analysis (primary endpoint). Given the clinically meaningful efficacy and the fact that the 95% confidence interval lower bound was above 20 in the second pre-specified analysis, Pfizer is confident in the vaccine’s potential and is planning submissions to regulatory authorities. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Successful Completion of an €84 million Reserved Offering</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:110%">In April 2026, Valneva announced the successful completion of an €84 million reserved offering of new ordinary shares and warrants, including €37 million received upon closing and an aggregate of up to €47 million if all the warrants are exercised.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company intends to use the net proceeds from the Reserved Offering, together with its existing cash, to advance its existing pipeline of differentiated vaccine candidates, maximize growth of its cash-generating commercial business and for working capital and general corporate purposes.</span></div></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.232%"><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New Restructuring Program to Further Reduce Operating Expenses</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In May 2026, Valneva announced that, as part of the Company’s continued focus on diligent cash management, and following a consolidation in France in 2025, it had initiated a further restructuring plan designed to streamline its global business operations. This program intends to focus resources on Valneva’s base business and key strategic projects, including a reduction of its global </span></div></div><div style="display:inline-block;max-width:3.533%;min-width:2.533%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.235%"><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">workforce by 10-15%. Together these initiatives are expected to generate positive P&amp;L and cash flow impacts in the second half of 2026. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Dr. Gerd Zettlmeissl is appointed as Chair of the Board of Directors</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:110%">In June 2026, Dr. Gerd Zettlmeissl was appointed as chair of Valneva’s Board of Directors. He replaced Anne-Marie Graffin, who chaired the Board for the past three years and who will continue as Vice-chair of the Board. </span></div></div></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">1.2 Group information</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following list shows all subsidiaries held by the Company directly or indirectly:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:35.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.628%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.595%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Name</span></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Country of incorporation</span></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consolidation Method</span></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest held as at</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Vaccines Holdings Sweden AB</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Austria GmbH</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Canada Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CA</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva France SAS</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FR</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Scotland Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Sweden AB</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva UK Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva USA, Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">US</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.232%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The closing date for the consolidated financial statements is December 31 of each year.</span></div><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company’s site in Lyon (France) includes general and administrative functions as well as commercial activities.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Vaccines Holdings Sweden AB </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Solna, Sweden) is the holding company of </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Sweden AB, </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">also located in Solna, which manufactures DUKORAL and commercializes DUKORAL, IXIARO and IXCHIQ in the Nordic countries. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Austria GmbH </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Vienna,</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Austria) focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&amp;D, technical/clinical product development, quality and regulatory affairs, general and administrative as well as commercial functions. In addition to using its latest-stage laboratory facilities for R&amp;D activities, the site holds a certificate of Good Manufacturing Practice from the Austrian Agency for Health and Food Safety (AGES) for its Quality Control laboratories, and was licensed by the U.S. Food and Drug Administration (FDA). Valneva Austria GmbH commercializes IXIARO, DUKORAL, and IXCHIQ. Additionally, Valneva Austria GmbH is involved in external manufacturing steps of IXCHIQ.</span></div></div><div style="display:inline-block;max-width:3.533%;min-width:2.533%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.235%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Canada Inc.</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, located in Kirkland, Canada, commercializes IXIARO, DUKORAL, IXCHIQ and third-party products such as KAMRAB. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva France SAS </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Lyon, France) commercializes IXIARO, DUKORAL, IXCHIQ.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Scotland Ltd., located in </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Livingston, Scotland (United Kingdom) is primarily involved in the production of IXIARO and IXCHIQ and provides R&amp;D support to the business as and when required.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva UK Ltd., located in </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Fleet, England (United Kingdom) focuses on commercializing DUKORAL, IXIARO and IXCHIQ in the United Kingdom.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva USA, Inc., located in </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Bethesda, Maryland (USA), focuses on the commercialization of IXIARO to the U.S. military and the U.S. private market.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> (Vienna,</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Austria), owns the Laboratory and Office building used by Valneva Austria GmbH.</span></div></div></div> 3 3 634 50000 0.70 0.95 0.95 84000000 84000000 37000000 47000000 0.10 0.15 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following list shows all subsidiaries held by the Company directly or indirectly:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:35.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.628%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.595%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Name</span></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Country of incorporation</span></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consolidation Method</span></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest held as at</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Vaccines Holdings Sweden AB</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Austria GmbH</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Canada Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CA</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva France SAS</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FR</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Scotland Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Sweden AB</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva UK Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva USA, Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">US</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div> 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 2</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Summary of significant accounting policies</span></div></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The principal accounting policies applied in preparing these interim consolidated financial statements are outlined below. These policies have been consistently </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">applied to all years presented to date. There have been no changes in accounting policies since beginning of the financial year.</span></div><div style="margin-bottom:4pt;margin-top:9pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2.1    Basis of preparation</span></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The unaudited interim condensed consolidated financial statements as at June 30, 2026 and for the six months ended June 30, 2026 and June 30, 2025, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (EU) and as issued by the IASB authorizing the presentation of selected explanatory notes. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In consequence, these interim consolidated financial statements must be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2025. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with IFRS as issued by the IASB and as adopted by the European Union (EU) requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying its accounting policies. </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The unaudited interim condensed consolidated financial statements of the Company were approved and authorized for issuance by the Board of Directors after review by the Audit, Compliance and Risk Committee on August 12, 2026.</span></div><div style="margin-bottom:4pt;margin-top:15pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2.2    Impact of new, revised or amended Standards and Interpretations</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations issued by IASB and adopted by the European Union whose application has been mandatory since January 1, 2026 </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations whose application is not yet mandatory.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2026.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third edition of the IFRS for SMEs</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The third edition of the standard includes the following major amendments:<br/>amended section 2 Concepts and Pervasive Principles<br/>amended section 9 Consolidated and Separate Financial Statements<br/>amended section 11 Basic Financial Instruments and section 12 Other Financial Instrument Issues (combined into one section)<br/>new Section 12 Fair Value Measurement<br/>amended section 19 Business Combinations and Goodwill<br/>amended section 23 Revenue</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 28</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments provide clarity about which entities are eligible to measure investments using the fair value option in IAS 28.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20 requires an entity that is subject to a regulatory agreement to provide information about its regulatory assets, regulatory liabilities, regulatory income and regulatory expense.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2029</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions, except IFRS 18 which is currently under assessment. The Group does not expect IFRS 18 to have a significant impact on the presentation of its financial position, performance or cash flows. The standard will primarily affect the presentation and disclosure of information in the consolidated financial statements, introducing of new subtotals in the statement of profit or loss, enhanced disclosure related to management performance measures, and certain changes in the classification of income, expenses and cash flows.</span></div> <div style="margin-bottom:4pt;margin-top:9pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2.1    Basis of preparation</span></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The unaudited interim condensed consolidated financial statements as at June 30, 2026 and for the six months ended June 30, 2026 and June 30, 2025, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (EU) and as issued by the IASB authorizing the presentation of selected explanatory notes. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In consequence, these interim consolidated financial statements must be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2025. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with IFRS as issued by the IASB and as adopted by the European Union (EU) requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying its accounting policies. </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The unaudited interim condensed consolidated financial statements of the Company were approved and authorized for issuance by the Board of Directors after review by the Audit, Compliance and Risk Committee on August 12, 2026.</span></div> <div style="margin-bottom:4pt;margin-top:15pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2.2    Impact of new, revised or amended Standards and Interpretations</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations issued by IASB and adopted by the European Union whose application has been mandatory since January 1, 2026 </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations whose application is not yet mandatory.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2026.</span></div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third edition of the IFRS for SMEs</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The third edition of the standard includes the following major amendments:<br/>amended section 2 Concepts and Pervasive Principles<br/>amended section 9 Consolidated and Separate Financial Statements<br/>amended section 11 Basic Financial Instruments and section 12 Other Financial Instrument Issues (combined into one section)<br/>new Section 12 Fair Value Measurement<br/>amended section 19 Business Combinations and Goodwill<br/>amended section 23 Revenue</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 28</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments provide clarity about which entities are eligible to measure investments using the fair value option in IAS 28.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20 requires an entity that is subject to a regulatory agreement to provide information about its regulatory assets, regulatory liabilities, regulatory income and regulatory expense.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2029</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> <div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:11.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.096%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.666%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third edition of the IFRS for SMEs</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The third edition of the standard includes the following major amendments:<br/>amended section 2 Concepts and Pervasive Principles<br/>amended section 9 Consolidated and Separate Financial Statements<br/>amended section 11 Basic Financial Instruments and section 12 Other Financial Instrument Issues (combined into one section)<br/>new Section 12 Fair Value Measurement<br/>amended section 19 Business Combinations and Goodwill<br/>amended section 23 Revenue</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 28</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments provide clarity about which entities are eligible to measure investments using the fair value option in IAS 28.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 20 requires an entity that is subject to a regulatory agreement to provide information about its regulatory assets, regulatory liabilities, regulatory income and regulatory expense.</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2029</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 3</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Critical accounting judgements and key sources of estimation uncertainty</span></div></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In applying the Group’s accounting policies, which are described in Note 2: Summary of significant accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.</span></div></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Although it is difficult to predict future liquidity requirements, the Group believes that its existing cash and cash equivalents will be sufficient to fund its operations through at least 12 months after publication of this report. In addition, the restructuring project executed by management will further extend the cash runway. The company has not identified any event of default or material adverse change under the Pharmakon loan agreement as of June 30, 2026.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">No additional key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been added to those reported as of December 31, 2025.</span></div> <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 4</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Segment information</span></div></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Executive Committee, as the Company’s chief operating decision maker (CDM), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The Executive Committee evaluates all vaccine candidates and vaccine products together as a </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format.</span></div> <div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Executive Committee, as the Company’s chief operating decision maker (CDM), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The Executive Committee evaluates all vaccine candidates and vaccine products together as a </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format.</span></div> <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 5</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Revenues</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15: <br/><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenues from contracts with customers</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,152 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">389 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Disaggregated revenue information</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s revenues are disaggregated as follows:</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Type of goods or service</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,969 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">54,705 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,693 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,394 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third party products</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">954 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,418 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,404 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,504 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673B9;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">PRODUCT SALES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties received</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,304 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenues from shipping and handling</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">71 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Milestone payment - licenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,152 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">389 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1) Revenues from these products were derived from contractual arrangements and do not represent product sales.</span></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span><br/></span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the six months ended June 30, 2026 product sales decreased by €27.0 million or 30% compared to the same period of 2025 with adverse sales performance recorded for all commercialized products. The geopolitical situation during the six months ended June 30, 2026 continued to adversely affect travel.</span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXIARO/JESPECT sales showed a 20% decrease in sales. The decrease primarily reflects the effects from the transition to a new distributor in Germany in January 2026 as well as product sales phasing, mainly the timing of deliveries to the U.S. Department of Defense (DoD). Foreign currency fluctuations of €1.5 million adversely impacted sales of IXIARO/JESPECT during the first half of 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">DUKORAL sales in the six months ended June 30, 2026 decreased by 16% compared to the same period of 2025. The prior-year period benefited from one-off sales associated with the supply of vaccine doses to Mayotte in response to a cholera outbreak. Sales in the first half of 2026 were impacted by effects from the transition to a new distributor in Germany in January 2026. Foreign currency fluctuations had an adverse impact of €0.4 million on DUKORAL sales during the first half of 2026.</span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ product sales decreased in the six months ended June 30, 2026 by €3.1 million compared to the same period in 2025. Sales in the first half of 2026 included first shipments of the vaccine’s drug substance to Instituto Butantan. The prior-year period benefited from sales in the U.S. as well as shipments to the French island of La Réunion in response to a chikungunya outbreak.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Third Party product sales recorded a 92% decrease in the first half of 2026. In line with Valneva`s strategy, third-party distribution activities have significantly decreased following the expiration of the main distribution agreements, namely Rabipur and Encepur in France and Austria.</span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other revenues, including revenues from collaborations, licensing and services amounted to €1.6 million in the six months ended June 30, 2026 compared to €6.2 million in the six months ended June 30, 2025. The decrease in other revenues mainly derives from the termination of the license agreement with the Serum Institute of India in December 2025.</span></div></div></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sales channels for product sales</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Products are sold via the following sales channels:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Direct product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">47,051 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">70,599 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Indirect product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,970 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,421 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL PRODUCT SALES</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Geographical markets</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located. </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United States</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,327 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,470 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Canada</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,847 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,464 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Germany</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,980 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,682 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Rest of World</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,331 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,442 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Nordics</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,551 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,892 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United Kingdom</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,444 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,863 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other Europe</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,552 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,015 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">France</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,879 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,670 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Austria</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">931 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,064 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUE TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New Zealand.<br/></span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the six months ended June 30, 2026, total revenues decreased by €31.7 million in comparison to the same period in 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenue performance was negatively impacted by effects from the transition to a new distribution partner in Germany and a revised supply plan of IXIARO to the U.S. Department of Defense (DoD). The decrease in the U.S. revenues was additionally affected by the suspension of the IXCHIQ license.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues in France were significantly lower than in 2025. The prior period benefited from increased demand driven </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">by a chikungunya outbreak on the French island of La Réunion as well as supply of vaccine doses to Mayotte in response to a cholera outbreak in 2025. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues in Canada decreased in comparison to the prior year. Sales in the first half of 2026 were impacted by the geopolitical situation adversely impacting travel behavior of Canadians compared to 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The decrease in revenues from Austria is mainly attributable to the discontinuation of third party product sales.</span></div></div></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15: <br/><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenues from contracts with customers</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,152 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">389 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 64020000 91020000 1570000 6152000 251000 389000 65841000 97562000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s revenues are disaggregated as follows:</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Type of goods or service</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,969 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">54,705 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,693 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,394 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third party products</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">954 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,418 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,404 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,504 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673B9;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">PRODUCT SALES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties received</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,304 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenues from shipping and handling</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">71 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Milestone payment - licenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,570 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,152 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">389 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1) Revenues from these products were derived from contractual arrangements and do not represent product sales.</span></div> 43969000 54705000 14693000 17394000 954000 11418000 4404000 7504000 64020000 91020000 1304000 1570000 71000 18000 141000 4564000 53000 0 1570000 6152000 251000 389000 65841000 97562000 -27000000.0 -0.30 -0.20 -1500000 -0.16 -400000 -3100000 -0.92 1600000 6200000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Products are sold via the following sales channels:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Direct product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">47,051 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">70,599 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Indirect product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,970 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,421 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL PRODUCT SALES</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,020 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,020 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 47051000 70599000 16970000 20421000 64020000 91020000 <div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United States</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,327 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,470 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Canada</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,847 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,464 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Germany</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,980 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,682 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Rest of World</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,331 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,442 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Nordics</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,551 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,892 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United Kingdom</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,444 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,863 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other Europe</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,552 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,015 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">France</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,879 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,670 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Austria</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">931 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,064 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUE TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,841 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">97,562 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New Zealand.<br/></span></div> 18327000 23470000 12847000 14464000 8980000 14682000 6331000 8442000 5551000 5892000 5444000 6863000 4552000 7015000 2879000 9670000 931000 7064000 65841000 97562000 -31700000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 6</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Expenses by nature</span></div></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:115%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:68.946%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.878%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consulting and other purchased services</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,002 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,620 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost of services and change in inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,731 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(273)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee benefit expense other than share-based compensation</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40,913 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,426 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,356 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials and consumables used</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,598 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,363 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization and impairment</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,744 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,811 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Building and energy costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,102 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,344 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Supply, office and IT costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,759 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,457 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">License fees and royalties</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,142 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,877 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advertising costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,781 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,267 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warehousing and distribution costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,820 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,221 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Travel and transportation costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">756 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">843 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other expenses</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">959 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,490 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPERATING EXPENSES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">118,663 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">118,947 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The operating expenses in the six months ended June 30, 2026 amounted to €118.7 million, remained relatively stable compared to the €118.9 million in the six months ended June 30, 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Expenses for “cost of services and change in inventory” increased in six months ended June 30, 2026 by €6.0 million. While lower third-party product sales reduced the related cost of sales, this was more than offset by higher manufacturing expenses incurred in connection with the transfer of production to the new Almeida facility in Scotland.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Expenses for “consulting and other purchased services” increased by €4.4 million in the six months ended June 30, 2026, mainly driven in contract manufacturing expenses partially offset by reprioritization and phasing of R&amp;D activities and savings in advisory and professional services.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">“Employee benefit expenses other than share-based compensation” decreased by €3.5 million in the six </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to lower personnel costs resulting from workforce reductions implemented as part of the Group’s restructuring initiatives. During the six months ended June 30, 2026, the Group had around 634 employees (six months ended June 30, 2025: 704 employees).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The “share-based compensation expense” showed a decrease of €1.1 million mainly due to the decline in share price. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The decrease of “advertising costs” by €2.5 million in the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is driven by lower advertising and promotional expenses related to IXCHIQ.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The expense under “depreciation and amortization and impairment” decreased by €1.1 million due to sales of equipment and reversals of impairment.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:68.946%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.878%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consulting and other purchased services</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,002 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,620 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost of services and change in inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,731 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(273)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee benefit expense other than share-based compensation</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40,913 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,426 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,356 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials and consumables used</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,598 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,363 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization and impairment</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,744 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,811 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Building and energy costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,102 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,344 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Supply, office and IT costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,759 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,457 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">License fees and royalties</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,142 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,877 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advertising costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,781 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,267 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warehousing and distribution costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,820 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,221 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Travel and transportation costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">756 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">843 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other expenses</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">959 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,490 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPERATING EXPENSES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">118,663 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">118,947 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 33002000 28620000 5731000 -273000 40913000 44426000 3356000 4500000 6598000 7363000 9744000 10811000 7102000 7344000 4759000 4457000 1142000 1877000 2781000 5267000 1820000 2221000 756000 843000 959000 1490000 118663000 118947000 118700000 118900000 6000000.0 4400000 -3500000 634 704 -1100000 -2500000 -1100000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 7</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Other income/(expenses), net</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The other income and expenses, net include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Research and development tax credit</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">550 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,792 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,496 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,951 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) on disposal of fixed assets and intangible assets, net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(230)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) from revaluation of lease agreements</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Taxes, duties, fees, charges, other than income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(136)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(215)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous income/(expenses), net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER INCOME AND EXPENSES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,939 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,555 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses, net decreased by €1.6 million, or 35%, to €2.9 million for the six months ended June 30, 2026 primarily due to lower research and development tax credit income.</span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The research and development tax credit in Austria decreased by €1.6 million and in France by €0.6 million due to a lower eligible expense base compared to the same period of 2025.</span></div></div></div><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Within the grant income, as of June 30, 2026, Valneva recognized €2.3 million (June 30, 2025: €1.8 million) as </span></div></div>grant income related to an additional funding from CEPI (Coalition for Epidemic Preparedness Innovations) <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The other income and expenses, net include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Research and development tax credit</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">550 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,792 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,496 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,951 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) on disposal of fixed assets and intangible assets, net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(230)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) from revaluation of lease agreements</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Taxes, duties, fees, charges, other than income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(136)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(215)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous income/(expenses), net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER INCOME AND EXPENSES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,939 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,555 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 550000 2792000 2496000 1951000 -14000 -230000 -1000 0 136000 215000 44000 258000 2939000 4555000 -1600000 -0.35 2900000 -1600000 -600000 2300000 1800000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 8</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Finance income/(expenses), net</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest income is recognized on a time-proportion basis using the effective interest method.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income from other parties</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,028 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other financial income</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Realized gains from cash and cash equivalents</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">873 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE INCOME</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,060 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,065 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE EXPENSES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on loans</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,814)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,084)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on refund liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(99)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(96)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses on lease liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(373)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(404)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other interest expense</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE EXPENSES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,291)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,585)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FOREIGN EXCHANGE GAIN/(LOSSES), NET</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,905)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,783 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME/(EXPENSES), NET</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,136)</span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,737)</span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        </span></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest expense on loans in the six months ended June 30, 2026 contains interest expenses in regards to the Pharmakon loan, while in the six months ended June 30, 2025, the position included expenses in regards to the Deerfield &amp; OrbiMed loan. For more details on the new loan see Note 5.15.1 Principal loan.</span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The foreign exchange loss in the six months ended June 30, 2026 was primarily driven by non-cash </span></div></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">revaluation results of USD denominated liabilities as the USD strengthened against the EUR by 3.03% in 2026. A contrary movement of the USD/EUR rate was observed in 2025. As a result, the Group recognized a foreign currency loss of €3.9 million in the six months ended June 30, 2026 compared with a foreign currency gain of €7.8 million in the six months ended June 30, 2025.</span></div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:67.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.502%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income from other parties</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,028 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other financial income</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Realized gains from cash and cash equivalents</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">873 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE INCOME</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,060 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,065 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE EXPENSES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on loans</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,814)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,084)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on refund liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(99)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(96)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses on lease liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(373)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(404)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other interest expense</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE EXPENSES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,291)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,585)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FOREIGN EXCHANGE GAIN/(LOSSES), NET</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,905)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,783 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME/(EXPENSES), NET</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,136)</span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,737)</span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table> 187000 1028000 0 38000 873000 0 1060000 1065000 9814000 11084000 99000 96000 373000 404000 5000 1000 10291000 11585000 -3905000 7783000 -13136000 -2737000 0.0303 3900000 7800000 <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt">Note 9</div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Impairment testing</span></div></td></tr></table><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.</span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, no triggering event was identified and no impairment testing procedures were performed. Reductions in sales projections in the IXIARO/IXCHIQ CGU were not considered material enough to significantly impact future cash-flows generated by the CGU. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of June 30, 2026 the cumulative impairments amounted to €16.1 million, compared to €20.8 million as of December 31, 2025. The main decrease related to a sale of impaired equipment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The total impairments divide into €2.5 million (December 31, 2025: €2.6 million) for leasehold improvements, €5.6 million (December 31, 2025: €10.1 million) for manufacturing equipment, €3.2 million (December 31, 2025: €3.3 million) for right of use assets, €3.7 million (December 31, 2025: €3.6 million) for acquired R&amp;D costs and €1.2 million (December 31, 2025: €1.2 million) for internal development costs.</span></div> <div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.</span></div></div> -16100000 -20800000 -2500000 -2600000 -5600000 -10100000 -3200000 -3300000 -3700000 -3600000 -1200000 -1200000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 10</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Inventories</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and </span></div></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">requirements and may not be sold (failed batches) are deducted from the value of inventories.</span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,588 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,848 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">54,443 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,095 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,960 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,206 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">776 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">545 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,767 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,693 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: write-down provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(48,604)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(44,462)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INVENTORIES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,163 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">50,232 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of June 30, 2026 the increase in gross amounts of inventories before write-down is primarily related to the increase in work in progress related to IXCHIQ and IXIARO, partially offset by the decrease in the finished goods.</span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The total write-down provision on inventory amounts to €48.6 million as of June 30, 2026 (December 31, 2025: €44.5 million).</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Write-down provisions related to the inventory categories as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,167 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,855 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,908 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,478 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,089 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">55 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL WRITE-DOWN PROVISION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,604 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,462 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, €17.2 million in write-down provisions were attributable to raw-material related to the VLA2001 COVID vaccine (December 31, 2025: €17.2 million). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, the remaining write-down provision in raw materials and work in progress of €26.9 million is </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on factors including sales volumes and market demand </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> related to </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXIARO</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">DUKORAL</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> and </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">vaccines </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(December 31, 2025: </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">€23.2 million</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026 the write down provision for finished goods for </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXIARO</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">DUKORAL</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> and </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">vaccines</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> based on sales expectations and shelf life of the products amounted to €4.5 million (December 31, 2025: €4.1 million). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The provision for third-party products increased marginally. </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IXCHIQ </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The increase in the inventory write-down as of June 30, 2026 primarily relates to IXCHIQ. In 2025 the termination of the license agreement with Serum Institute of India (SII) led to a reassessment of the inventory consumption. Furthermore the suspension of the license in the United States during 2025 resulted in lower sales and reduced expected short-term demand. Accordingly, the Group recorded a write-down based on revised forecast market demand and sales expectations, taking into account the volume of work in progress, estimated dose yield, current shelf life, potential shelf-life extension by 12 months through the freezing process, expected orders from Butantan and other partners, and forecast sales over the next five years. Decreased revenue expectations led to a further write-down in the six months ended June 30,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2026. Any further write-downs relating to IXCHIQ will depend on future forecast developments and market conditions. </span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:66.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ related inventory only</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Raw materials</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,052 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,392 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Work in progress</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,412 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,351 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Finished goods</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,596 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,558 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">34,060 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,301 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Less: write-down provision</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(28,591)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,557)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INVENTORIES IXCHIQ</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,468 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,744 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and </span></div></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">requirements and may not be sold (failed batches) are deducted from the value of inventories.</span></div></div></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,588 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,848 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">54,443 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,095 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,960 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,206 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">776 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">545 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,767 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,693 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: write-down provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(48,604)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(44,462)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INVENTORIES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,163 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">50,232 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:66.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ related inventory only</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Raw materials</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,052 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,392 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Work in progress</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,412 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,351 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Finished goods</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,596 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,558 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">34,060 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,301 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Less: write-down provision</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(28,591)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,557)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INVENTORIES IXCHIQ</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,468 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,744 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 24588000 25848000 54443000 48095000 16960000 20206000 776000 545000 96767000 94693000 48604000 44462000 48163000 50232000 48600000 44500000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Write-down provisions related to the inventory categories as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,167 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,855 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,908 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,478 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,089 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">55 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL WRITE-DOWN PROVISION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,604 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,462 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 20167000 18855000 23908000 21478000 4473000 4089000 55000 40000 48604000 44462000 17200000 17200000 26900000 23200000 4500000 4100000 P12M 3052000 3392000 26412000 23351000 4596000 3558000 0 0 34060000 30301000 28591000 21557000 5468000 8744000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 11</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Trade receivables</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful accounts. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the statement of profit or loss. </span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,266 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,785 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: loss allowance of receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:justify;vertical-align:middle"><div style="margin-bottom:3pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">78 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">80 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES, NET</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,339 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2026 and 2025, no material impairment losses were recognized. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026 the amount of trade receivables past due (which is defined as being more than 30 days late) reached €1.5 million (December 31, 2025: €1.5 million). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. </span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026 trade receivables included €16.3 million (December 31, 2025: €27.8 million) of receivables from contracts with customers. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables decreased by €11.5 million compared to December 31, 2025 primarily due to lower sales and improved cash collections.</span></div> <div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful accounts. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of </span></div></div>amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the statement of profit or loss. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,266 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,785 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: loss allowance of receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:justify;vertical-align:middle"><div style="margin-bottom:3pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">78 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">80 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES, NET</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,339 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 16266000 27785000 -4000 -52000 78000 80000 16339000 27813000 1500000 1500000 16300000 27800000 -11500000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 12</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Cash and cash equivalents</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.</span></div></div></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash at bank</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">121,526 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">121,526 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026 and December 31, 2025, the Group had no restricted cash. In 2026, the increase in cash and </span></div></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">cash equivalents was due to mainly to</span><span style="color:#6d6d6d;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> the capital increase </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of €37.0 million</span><span style="color:#6d6d6d;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">.</span></div> <div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.</span></div></div></div> <div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash at bank</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">121,526 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">121,526 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 121526000 109650000 121526000 109650000 37000000.0 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 13</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Assets classified as held for sale</span></div></td></tr></table></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Divestment of Nantes Building, France</span></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following the decision to close the french site of Nantes, Valneva discontinued the on-site operations. Subsequently, Valneva initiated a sale process and identified a buyer for the site. On July 9, 2026, a promise of sale was signed covering the site and certain equipment at a transaction price exceeding their net book value. As of June 30, 2026, management </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">considered the sale of the Nantes site to be highly probable, consequently, as of June 30, 2026, the building and the related equipment, with a total net book value of €1.8 million, have been classified and presented as assets held for sale (December 31, 2025: nil).</span></div> 1800000 0 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 14</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Equity</span></div></td></tr></table></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">14.1    Share capital and share premium</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the development of the number of outstanding shares:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Period ended June 30</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Share-based compensation exercises </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">337,675 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Capital Increase </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,893,817 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,666,666 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT HALF YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">189,646,915 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">170,063,868 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.225%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the six months ended June 30, 2026, 15,893,817 new ordinary shares of the Company (the “New Shares”) were issued, resulting in immediate gross proceeds of €37.0 million. Thereof transaction costs of €2.7 million were deducted. Each New Share had one share warrant attached (a “Warrant” and, together with the New Share to which it is attached, defined as an “ABSA”, or Actions à Bons de Souscription d'Actions) at a subscription price of €2.33 per ABSA. If all the Warrants attached to the New Shares are exercised, up to 15,893,817 additional new ordinary shares (the “Warrant Shares”) will be issued by the Company for an amount of approximately €47.0 million. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">One warrant entitles its holder to subscribe to one Share of the Company (the “Exercise Ratio”), at an exercise price of €2.96 per ordinary share (the “Exercise Price”). The exercise is possible to the earliest of:</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i) the 30th calendar day following receipt by the Company of the FDA regulatory approval for its investigational 6-valent OspA-based Lyme disease vaccine candidate (LB6V, formerly known as VLA15) and </span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.549%;min-width:6.549%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.226%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(ii) the third business day (included) prior to March 31, 2028 (the “Exercise Period”). This due date shall automatically be extended to September 30, 2028, and the Exercise Period prolonged accordingly, if as of March 1, 2028: </span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i) the FDA has determined that the application for the FDA regulatory approval was sufficiently complete to permit a substantive review and </span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(ii) the FDA regulatory approval has not yet been obtained, such maturity date shall automatically be extended to September 30, 2028 and the Exercise Period shall be correspondingly extended.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Warrants are not listed on a regulated market or multilateral trading facility but are admitted to the operations of Euroclear France SA (ISIN: FR00140188J5). The Warrants were detached from the New Shares upon their issuance. </span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div></div></div><div style="margin-bottom:10pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.080%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.160%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warrant reserve</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2026</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,563)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,224 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,318 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(387)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(387)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,363 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,363 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital increase with share warrant</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JUNE 30, 2026</span></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,943)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">46,586 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90,532 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.080%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.160%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Warrant reserve</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2025</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,402 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,402 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial gains</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,498 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,498 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital increase with share warrant</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JUNE 30, 2025</span></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,725)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38,194 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79,126 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other regulated reserves contain a non-distributable mandatory legal reserve from the merger with Intercell AG. </span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company did not obtain a dividend from its subsidiaries or pay a dividend to its shareholders in 2026 and 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Warrant reserve</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The capital increase with share warrant is accounted for as an equity issuance in its entirety. The consideration is allocated between share capital and share premium for the consideration received for issued shares in course of the capital increase, and between a separate warrant reserve within equity for the consideration received for the warrants granted. The allocation of the proceeds received between the share issue and the warrants is based on relative fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The issue price of one ABSA was €2.33 (including €0.15 par value and €2.18 share issue premium). The theoretical value of a Warrant using the Black-Scholes method is €0.30. The proceeds from the ABSA issue amounted to €37.0 million and have been allocated to the share issue and the warrant issue based on their relative stand alone fair values at the commitment and pricing date June 30, 2026. The fair value of the share issue has been determined based on the quoted opening Valneva share price. The fair value of the warrants is based on the Black-Scholes valuation. The key inputs used in the Black-Scholes model were as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Commitment and pricing date: April 30, 2026</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Issue Date: May 5, 2026</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Underlying: Valneva SE ordinary shares (Euronext Paris: VLA), nominal €0.15</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Volume: 15,893,817 warrants, exercise ratio 1:1</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Issue price per ABSA: €2.33 (par value €0.15 + share premium €2.18)</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">3-day VWAP reference: €2.37</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Volatility : 37.5%</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Exercise price: €2.96 per share (25% premium to 3-day VWAP)</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Exercise period: From the Business Day after issuance until the earlier of (i) 30 calendar days after FDA approval of LB6V or (ii) 3 Business Days before March 31, 2028</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Extended maturity: Automatic extension to September 30, 2028 if the FDA review is ongoing as of March 1, 2028</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Univers LT 45 Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">◦</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.61pt">Settlement: Physical delivery of shares (no cash or net-share alternative)</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the development of the number of outstanding shares:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Period ended June 30</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Share-based compensation exercises </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">337,675 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Capital Increase </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,893,817 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,666,666 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT HALF YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">189,646,915 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">170,063,868 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 173415423 162397202 337675 0 15893817 7666666 189646915 170063868 15893817 37000000.0 2700000 2.33 15893817 47000000.0 1 2.96 <div style="margin-bottom:10pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.080%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.160%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warrant reserve</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2026</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,563)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,224 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,318 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(387)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(387)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,363 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,363 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital increase with share warrant</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JUNE 30, 2026</span></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,943)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">46,586 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,231 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90,532 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.080%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.160%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Warrant reserve</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2025</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,402 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,402 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial gains</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,498 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,498 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital increase with share warrant</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JUNE 30, 2025</span></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,725)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38,194 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79,126 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 52820000 -2563000 -645000 43224000 0 -9517000 83318000 0 -387000 0 0 0 0 -387000 0 7000 0 0 0 0 7000 0 0 0 3363000 0 0 3363000 0 0 0 0 4231000 0 4231000 52820000 -2943000 -645000 46586000 4231000 -9517000 90532000 52820000 -3151000 -645000 33696000 0 -9517000 73203000 0 1402000 0 0 0 0 1402000 0 24000 0 0 0 0 24000 0 0 0 4498000 0 0 4498000 0 0 0 0 0 0 0 52820000 -1725000 -645000 38194000 0 -9517000 79126000 2.33 0.15 2.18 0.30 37000000.0 0.15 15893817 1 2.33 0.15 2.18 2.37 0.375 2.96 0.25 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 15</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Borrowings</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.</span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.</span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings of the Group at period-end include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT </span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">165,631 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT </span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowing and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,428 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of June 30, 2026 the carrying amount of bank borrowings and other loans was €184.1 million. Of this, €180.1 million (December 31, 2025: €173.4 million) related to the Pharmakon Loan Agreement. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other borrowings related to the financing of research and development expenses included the CIR (research and development tax credit in France) of €3.1 million (December 31, 2025: €3.1 million) and the CEPI grant in the </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">amount of €0.9 million (December 31, 2025: €2.6 million), which relates to advance payments that are expected to be paid back in the future. As result of the withdrawal of the IXCHIQ license in U.S., two milestones under the CEPI agreement are no longer expected to be met. Acordingly, the outstanding balance associated with these milestones was reduced in the first half of 2026.</span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of the borrowings is as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,581 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,715 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">135,198 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">131,953 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">852 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">594 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT BORROWINGS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">165,631 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,428 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s borrowings are denominated in the following currencies:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in USD</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,915 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,022 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:4pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">15.1    Principal loan</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On October 6, 2025, Valneva announced a new non-dilutive debt facility of up to $500.0 million with funds managed by Pharmakon Advisors, LP. This new loan supersedes and fully replaces the previous D&amp;O Loan Agreement. The transaction is accounted for as a separate, new financing arrangement and does not meet the criteria for a modification of the existing agreement in accordance with IFRS. The initial $215.0 million tranche was used to fully repay Valneva Austria’s existing debt with D&amp;O including related fees and expenses, while the remaining $285.0 million may be drawn later for future business development opportunities subject to mutual agreement between the parties. The new facility extends Valneva’s debt maturity from Q1 2026 to Q4 2030, lowers its interest rate, and enhances financial flexibility. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, no further tranches have been drawn. The book value of the loan amounts to $205.2 million (€180.1 million). The interest-only period on the initial tranche lasts until the fourth quarter of 2030, and </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">the loan will mature in October 2030. The interest rate on the initial tranche is 9.00%, translating into an effective interest rate of 10.84% as of June 30, 2026. Transaction costs amounting to $11.8 million (€10.1 million) have been deducted from the loan proceeds received in October 2025. Thereof an amount of $0.6 million (€0.5 million) was paid in 2026.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Similar to the D&amp;O Loan Agreement, the loan with Pharmakon is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries, There are no financial covenants attached to the Pharmakon Loan Agreement. The previous D&amp;O Loan Agreement included liquidity and revenue-based covenants, which the Group complied with throughout the period. The Pharmakon Loan Agreement contains only customary affirmative and restrictive covenants. The Pharmakon Loan Agreement is included in the balance sheet item “Borrowings”. </span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Pharmakon Loan Agreement and the previous D&amp;O Loan Agreement, which the Pharmakon Loan superseded and fully replaced during the fourth quarter of 2025, developed as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">182,979 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Principal repayment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(170,213)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,721 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,403 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,505)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,558)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,428 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,916)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,052 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(162,833)</span></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(156,710)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,218 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,697 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:4pt;padding-left:34.02pt;text-indent:-34.02pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">15.2    Fair value of borrowings and other loans</span></div><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair value of the borrowings and other loans are calculated by discounting the contractual cash flows with interest rates derived from relevant bond yields and swap rates and adjusted for any further potential risk and liquidity risks related to the nature of each loan. The </span></div></div>relevant bond yields were determined by an internal analysis based on Moody’s RiskCalc corporate rating methodology. In the six months ended June 30, 2026, the resulting calculations revealed no material difference between the carrying amount and the fair value. <div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.</span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.</span></div></div></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings of the Group at period-end include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT </span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">165,631 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT </span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowing and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,428 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 165631000 161261000 18428000 17905000 184060000 179167000 184100000 180100000 173400000 3100000 3100000 900000 2600000 2 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of the borrowings is as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,581 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,715 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">135,198 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">131,953 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">852 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">594 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT BORROWINGS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">165,631 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,428 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 29581000 28715000 135198000 131953000 852000 594000 165631000 161261000 18428000 17905000 184060000 179167000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s borrowings are denominated in the following currencies:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in USD</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,915 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,022 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,060 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 3144000 3144000 180915000 176022000 184060000 179167000 500000000.0 215000000.0 285000000.0 205200000 180100000 0.0900 0.1084 -11800000 -10100000 600000 500000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Pharmakon Loan Agreement and the previous D&amp;O Loan Agreement, which the Pharmakon Loan superseded and fully replaced during the fourth quarter of 2025, developed as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.826%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">182,979 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Principal repayment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(170,213)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,721 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,403 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,505)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,558)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,428 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,916)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,052 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(162,833)</span></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(156,710)</span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,218 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,697 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 173407000 180841000 0 182979000 0 -10130000 0 170213000 9721000 28403000 8505000 17558000 5428000 -20916000 180052000 173407000 162833000 156710000 17218000 16697000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 16</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Trade payables and accruals</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade payables and accruals include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,919 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,074 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,988 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,466 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,907 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,907 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div>The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. All trade payables and accruals are current. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade payables and accruals include the following:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,919 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,074 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,988 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,466 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,907 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,907 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 10919000 9074000 11988000 15466000 22907000 24540000 0 0 22907000 24540000 <div style="margin-bottom:4pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 17</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Contract liabilities</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A contract liability has to be recognized when the customer already provided the consideration or part of the consideration before an entity has fulfilled its </span></div></div><div style="display:inline-block;max-width:3.945%;min-width:2.945%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.029%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”. </span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of contract liabilities is presented in the table below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.721%"><tr><td style="width:1.0%"></td><td style="width:67.025%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.775%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,320)</span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Addition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">60 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">720 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">482 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">482 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At both closing dates June 30, 2026 and December 31, 2025 €0.4 million of the total €0.5 million contract liabilities related to upfront payments for analytical support and drug substance manufacturing on ongoing contracts. </span></div></div>In the year ended December 31, 2025, revenue of €2.5 million was recognized in connection with the license and technology transfer performance obligation under the master collaboration and license agreement with Serum Institute of India (SII) regarding IXCHIQ. <div style="display:inline-block;vertical-align:top;width:48.026%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A contract liability has to be recognized when the customer already provided the consideration or part of the consideration before an entity has fulfilled its </span></div></div>performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of contract liabilities is presented in the table below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.721%"><tr><td style="width:1.0%"></td><td style="width:67.025%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.775%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,320)</span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Addition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">60 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">720 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">482 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">482 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 432000 3010000 0 3320000 60000 720000 -9000 21000 482000 432000 0 0 482000 432000 400000 400000 500000 2500000 <div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 18</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Refund liabilities</span></div></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts </span></div></div><div style="display:inline-block;max-width:3.926%;min-width:2.926%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:48.038%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in the future. </span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/>Development of refund liabilities during the period is presented below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">971 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,649 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other releases</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(669)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,117)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(242)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,985)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense capitalized</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">193 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">217 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,383)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,874 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">17,498</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,783)</span></div></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,684)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,091 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at June 30, 2026, out of the total of €17.9 million, an amount of €9.7 million - all current - (December 31, 2025: €9.0 million) is connected to the Collaboration and License Agreement with Pfizer. In the first half of 2026 additions of €0.4 million were made in connection with the Pfizer Collaboration and License Agreement (December 31, 2025: €3.5 million).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Refund liabilities of €6.8 million (of which €6.8 million is non-current) (December 31, 2025 €6.7 million of which </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">€6.7 million was non-current) relate to the expected payment to GlaxoSmithKline (GSK) due to the termination of the strategic alliance agreements (SAA) in 2019. </span></div>The remaining amount of €1.2 million out of the total of €17.9 million relates to refund liabilities mainly due to statistical return provision and rebates as at June 30, 2026 (December 31, 2025: €1.8 million). <div style="display:inline-block;vertical-align:top;width:48.036%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts </span></div></div>which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in the future. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/>Development of refund liabilities during the period is presented below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">971 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,649 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other releases</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(669)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,117)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(242)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,985)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense capitalized</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">193 </span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">217 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,383)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,874 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">17,498</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,783)</span></div></td><td style="background-color:#ebebeb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,684)</span></div></td><td style="border-top:0.25pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,091 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 17498000 26141000 971000 4649000 669000 1117000 242000 9985000 99000 193000 217000 -2383000 17874000 17498000 6783000 6684000 11091000 10814000 17900000 9700000 9000000.0 400000 3500000 6800000 6800000 6700000 6700000 1200000 17900000 1800000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 19</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Provisions</span></div></td></tr></table></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">19.1    Other provisions</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> in € thousand </span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Non-current</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">560 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">694 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Current</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,144 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,010 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">PROVISIONS</span></div></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,704 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,705 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The position comprises €5.2 million from a provision for expected legal and settlement costs under a court proceeding related to the Intercell AG/Vivalis SA merger (December 31, 2025: €5.2 million). During the first half year of 2026 the Group recorded an additional onerous contract provision of €6.6 million in relation to external manufacturing commitments for IXCHIQ. Furthermore, following a downward revision of the expected IXCHIQ, sales volumes, the Group recognized a provision of €1.7 million related to packaging commitments for IXCHIQ doses that are no longer expected to be utilized.</span></div> <div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> in € thousand </span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">June 30, 2026</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Non-current</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">560 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">694 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Current</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,144 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,010 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">PROVISIONS</span></div></td><td colspan="2" style="background-color:#1e4179;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,704 </span></td><td style="background-color:#1e4179;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,705 </span></td><td style="background-color:#3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 560000 694000 14144000 6010000 14704000 6705000 5200000 5200000 6600000 1700000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 20</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Cash flow information</span></div></td></tr></table></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Cash generated/(used) in operations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the adjustments to reconcile profit/(loss) to cash generated/(used) from operations:<br/><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) FOR THE PERIOD</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(63,276)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,818)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,058 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,811 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Write-off / impairment fixed assets/intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(314)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,356 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax expense/(income)</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,251 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal of property, plant, equipment and intangible assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">230 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Gain)/loss from MMF investments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(873)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(38)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision for employer contribution costs on share-based compensation plans</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(891)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">113 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-cash (income)/expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,679 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,645)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(187)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,028)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,291 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,585 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,391 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,780 </span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(591)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Long term refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current liabilities and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,006 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">951 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,050 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">456 </span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,951 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,491)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other receivables</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,316 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,978 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">60 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,500)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">268 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">155 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other payables and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,507 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,930)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total changes in working capital</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,102 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,788)</span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH GENERATED/(USED) IN OPERATIONS</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,734)</span></td><td style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,369)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the adjustments to reconcile profit/(loss) to cash generated/(used) from operations:<br/><br/></span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.877%"><tr><td style="width:1.0%"></td><td style="width:65.514%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.594%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Six months ended June 30,</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) FOR THE PERIOD</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(63,276)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,818)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,058 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,811 </span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Write-off / impairment fixed assets/intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(314)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,356 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax expense/(income)</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,251 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal of property, plant, equipment and intangible assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">230 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Gain)/loss from MMF investments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(873)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(38)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision for employer contribution costs on share-based compensation plans</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(891)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">113 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-cash (income)/expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,679 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,645)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(187)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,028)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,291 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,585 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,391 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,780 </span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(591)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Long term refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current liabilities and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,006 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">951 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,050 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">456 </span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,951 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,491)</span></td><td style="border-top:0.75pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other receivables</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,316 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,978 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">60 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,500)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">268 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">155 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other payables and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,507 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,930)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total changes in working capital</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,102 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,788)</span></td><td style="border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH GENERATED/(USED) IN OPERATIONS</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,734)</span></td><td style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,369)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> -63276000 -20818000 10058000 10811000 -314000 0 3356000 4500000 258000 1251000 -14000 -230000 873000 38000 -891000 113000 3679000 -9645000 187000 1028000 10291000 11585000 25391000 17780000 44000 -591000 0 96000 2006000 951000 2050000 456000 1951000 -10491000 11316000 13978000 60000 -2500000 268000 155000 8507000 -8930000 -22102000 7788000 -13734000 -10369000 <div style="margin-bottom:4pt;padding-left:34.02pt;text-indent:-34.02pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 21</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Related-party transactions</span></div></td></tr></table></div><div style="display:inline-block;vertical-align:top;width:46.260%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the six months ended June 30, 2026, there have not been significant changes to related parties or in the key management personnel. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Bpifrance (Maisons-Alfort - France) continues to be considered as a related party due to its significant influence through material transactions. </span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Rendering of services</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva has borrowed amounts amounting to 80% of French Tax Authorities receivables relating to Research </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Tax Credits for 2022, 2023 and 2024 from Bpifrance. The total amount borrowed from Bpifrance is €3.1 million on which Valneva pays interest. </span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Key management compensation</span></div>In the six months ended June 30, 2026, the aggregate compensation of key management amounted to €2.5 million (in the six months ended June 30, 2025: €4.2 million) and represents mostly salaries and share based payment expenses. 0.80 3100000 2500000 4200000 <div style="margin-bottom:6pt;margin-top:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:12.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.349%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 43.52pt;text-align:left;text-indent:-42.52pt;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt;text-indent:-42.52pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Note 22</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673b9;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">Events after the reporting period</span></div></td></tr></table></div>Subsequent to the reporting date and up to the date of authorization for the issuance of the financial statements, no events have occurred that require adjustment to, or disclosure in, the financial statements, other than those already described in other notes. Cash flows relating to the interest on the lease liabilities amounted to €0.4 million as at June 30, 2026 (June 30, 2025: €0.4 million)